Answer in step by step with explanation.Don't use Ai and chatgpt. Ringgold Company experienced an event that affected its financial statements as indicated below:AssetsLiabilities + EquityRevenueExpense= Net incomeManufacturingoverhead(1,200)Work in processinventory1,200n/an/an/an/an/aWhich of the following accounting events caused the indicated effects on the company's accounting equation?Multiple ChoiceNone of these answers are correct.оEstimated overhead was charged to productionоUnderapplied overhead was written offActual overhead cost was incurred

Step 1: Let me explain this:1) Manufacturing Overhead Decrease: The decrease in Manufacturing…

Answered: Ringgold Company experienced an event…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 2E

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Listed below are the current Accounting Assumptions and Principles Economic Entity Assumption Monetary Unit Assumption Historical Cost Principle Going Concern Assumption Revenue Recognition Principle Full Disclosure Principle Time Period Assumption Matching Principle Required: For the following situations, identify whether the situation represents a violation or a correct application of GAAP, and which assumption/principle is applicable. a. In May 2021, Regent Corporation recorded as revenue $5,000 received in advance from a customer for a job that would be completed in June 2021. Violation: (Yes/No) Applicable Assumption/Principle: b. Sally Maze made sure to keep her personal expenditures separate from her marketing company books.…
44. Subject :- Accounting
T1.
The following information was taken from Benson, Incorporated's SEC filings. Number of employees Revenues (in thousands) Properties (in thousands) Total assets (in thousands) Units shipped (in thousands) Net earnings (in thousands) Req A Req C and D Required a. Indicate whether each line of information in the table above would best be described as being primarily financial accounting or managerial accounting in nature. c.&d. Based on the data identified as financial or managerial in nature from requirement (a), does it appear that Benson's 2019 fiscal year was better or worse than its 2018 fiscal year? e. Calculate the revenue per employee and revenue per unit shipped and to determine which year (2019 or 2018) Benson appeared to be using its facilities more efficiently. Complete this question by entering your answers in the tabs below. Req E $ 2019 Revenue per employee Revenue per unit shipped The company used its facilities more efficiently in December 31, 2019 926 $1,196,651 $793,203…
a. What do the accounting policies say in the annual report (footnotes) regarding the cost of revenue? What are the drivers to the cost of revenue and the trends? b. Are there any trends in sales and marketing expenses or research and development? Are these amounts reasonable for the type of business? c. Compare general and administrative expenses to similar companies. Are they reasonable? d. What is the ratio of net interest income (expense) to income from operations? Is this a safe ratio for the company? Why or why not?
a. What is your company’s primary revenue, secondary revenue, and gains? b. What is your company’s primary expenses, secondary expenses, financial activity generated expenses, and losses? c. What is the revenue trend? Does the 10-K or 10-Q discuss primary revenues, as well as other revenue types? d. What do the accounting policies say in the annual report (footnotes) regarding the cost of revenue? What are the drivers to the cost of revenue and the trends?
Am. 282.
ANALYSIS. Indicate which accounting concept and principle is violated. Write the letter of your answer on the space provided for. d. Materiality e. Monetary Unit f. Cost g. Objectivity h., Time Period Concept i. , Matching а. Accrual Method b. Business entity C. Disclosure 26. A food company ordered a machine needed in the assembly line of its production department. Upon order, the machine was immediately listed as one of its assets vivo Y20i 2021.11.07 23:58
Compute the missing amounts on the company’s financial statements. (Hint: What’s the difference between the acid-test ratio and the current ratio?)16. Retained Earnings17. Total liabilities and stockholders' equity18. Total Assets19. Plant and equipment, net
The fact that generally accepted accounting principles allow companies flexibility in choosing between certain allocation methods can make it difficult for a financial analyst to compare periodic performance from firm to firm. Suppose you were a financial analyst trying to compare the performance of two companies. Company A uses the double-declining- balance depreciation method. Company B uses the straight-line method. You have the following information taken from the 12/31/2024 year-end financial statements for Company B: Income Statement Book Depreciation expense $ 5,000 Balance Sheet Assets: Print Plant and equipment, at cost Less: Accumulated depreciation Net $ 100,000 (20,000) Ferences $ 80,000 You also determine that all of the assets constituting the plant and equipment of Company B were acquired at the same time, and that all of the $100,000 represents depreciable assets. Also, all of the depreciable assets have the same useful life and residual values are zero. Required: 1. In…
Cumberland County Senior Services is a non-profit organization devoted to providing essential services to seniors who live in their own homes within the Cumberland County area. Three services are provided for seniors-home nursing, Meals on Wheels, and housekeeping. In the home nursing program, nurses visit seniors on a regular basis to check on their general health and to perform tests ordered by their physicians. The Meals on Wheels program delivers a hot meal once a day to each senior enrolled in the program. The housekeeping service provides weekly housecleaning and maintenance services. Data on revenue and expenses for the past year follow: Revenues Variable expenses Contribution margin Fixed expenses: Depreciation Liability insurance Program administrators' salaries General administrative overhead* Total fixed expenses Operating income (loss) Total $1,026,000 569,800 456,200 $ 73,320 47,180 124, 100 205, 200 449,800 6,400 Home Nursing $296,400 139, 600 156,800 9,120 22,100 43,500…
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